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What is Meme.com?

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Meme.com is a non-fungible token (NFT) platform that was built to serve as a home of meme markets and trend exploration.

Today, more than ever before, memes are being wildly used on the internet. Virtually, all social media platforms have meme groups, pages, and fans. Many memes and have gone viral without the creators or explorers getting any reward.

By means of blockchain technology, it is possible to reward meme creators and enthusiastic explorers indefinitely. The Meme project aims to do so by creating a platform that connects meme creators with collectors. The structure of the system will ensure that both parties can benefit from the blockchain meme niche.

Table of Contents

Background

Meme.com is a project that sprang up from MarbleCards, which aims to enable people to save valuable digital memories. The project was launched in 2018 and has experienced a gradual but steady growth since then.

Mattias Tryberg and Johan Unger are the co-founders of the project. Mattias is a serial entrepreneur who has vast experience in the blockchain space. He started his entrepreneurship journey over a decade ago when he founded Saplo, a text analytics company based in Sweden. The company progressed swiftly and helped Mattias win a lot of accolades. The Lund University alum has achieved many other great feats business and career-wise. He now specializes in text analytics, predictive analysis, and blockchain. 

Unger, on the other hand, is a software geek who specializes in Java, HTML, CSS, PHP, and SQL. He is also a great entrepreneur, with a wealth of experience in social media marketing. Aside MarbleCards, he has used his knowledge to establish and grow numerous startups. Qulart, Strossle, and WinR are some of the projects he co-founded. Unger has also been a board member at Noted Media for over 5 years. 

At the start of the Meme project, Unger and Mattias built from the scratch and funded the project from their personal cash flow for some time. Recently though, the duo has expanded the team and have sought funds from investors so as to hasten the growth of the Meme project. They have successfully raised $5 million funding from investors like Blockhype, Spark Digital Capital, and Morning Star. The project also attracted angel investors like the CEO of Altitude Games, Gabby Dixon as well as the co-founder of Polygon, Sandeep Nailwal. 

According to Mattias Tryberg, the millions of dollars raised so far will be used for marketing and to further develop the platform.

What is Meme.com?

Meme.com is a non-fungible token (NFT) platform that was built to serve as a home of meme markets and trend exploration. Meme.com can track the value of memes on the internet. The goal of the founders of Meme.com is that it becomes the leading digital factory for meme exploration. 

Meme.com is built on the Ethereum network. The specific protocol which it is founded upon is the ERC-721 protocol. This guarantees a high level of security for the project.

The support already gained by Meme.com from the Marble community proves that the project has potential and may become a project for the people in no time. The platform will give users the opportunity to support their favorite memes. It will also be possible for meme creators and early collectors to monetize the every green meme niche.

The platform also supports grand meme expeditions. These expeditions will be supported by users who explore and unlock meme tokens.

How the Platform Sources for Meme Data

The platform is responsive and extracts meme related data from various sources. The closest source meme.com extracts data from is Marble.cards which has a huge database for meme cards and other collectibles.

Meme.com however tracks data for memes on many other computers around the world. The Blockchain and Hypertext Transfer Protocol makes this link possible. Meme data collected from each source are then analyzed and compared on the protocol. Data points are scored based on the quality of the data. Data points decide where staking rewards will go. 

The highest staking rewards will be earned by the best meme in terms of quality and popularity. These can be graded using external information like the number of mentions of the meme or the number of shares, likes, and upvotes the meme had.

How the Meme Society Works

The structure of the platform is quite easy to understand, even for users who are new to blockchain and memes. Users have a goal of collecting memes which will then be submitted and reviewed for rewards. 

Explore Meme Habitats

Users on Meme.com have the goal of exploring new habitats for collecting memes. These habitats could be sites or links that contain a meme that could be minted. Meme.com claims no ownership of the sites or links that will be minted, neither will it possess site data. The platform only serves as a means for sharing these links, which will be minted. Just like users of the internet can freely share links from source sites, the platform will serve as an intermediary for sharing such. The only difference this time will be that meme.com will be utilizing blockchain technology.

Links of memes or meme cards can be minted and collected just once on the platform. No user can duplicate the efforts of another user. The goal of users is to find the best possible memes that have not been minted or collected and mint them. These memes will be sourced from different sites or links. The platform however does not support just any link. Links and cards collected must be from reliable sources.

Submit Your Findings

Once users have explored various meme habitats and have collected unique digital memes, users submit their findings to the platform. The platform’s meme council reviews the memes to ensure that it isn’t a duplicate. Also, the platform serves as a home for top-notch memes, thus, memes must pass the test of uniqueness to qualify for rewards. Meme approval is gotten from the council by casting votes.

Earn Rewards

What’s a task without rewards? It is the goal of the platform is to reward its participants as much as it can. Users who sourced for memes will be rewarded with digital art which will now possess a monetary value on the platform. Only arts that pass the test of the meme council will qualify for rewards. 

Once the meme has passed the scrutiny of the meme council and now possesses a value, the meme will be made available for auction. Like every auction, the highest bidder within a stipulated time frame grabs the asset. It is possible for the collector to participate in the bid. However, whether the collector loses the bid or not, he gets some rewards for the meme or digital art he brought home. If there is no user willing to bid for the meme, the collector keeps the art and may decide to sell it at another time. The most authentic and trending memes will sell for a higher price.

Conclusion

The vision of the meme.com team becomes clearer as each day passes by and we can’t help but appreciate the hard work they have done to create an exciting platform in the crypto space. In no time, it will become possible to save digital memes as crypto collectibles and all users contributing to the meme niche will be able to get access to rewards. 

Many meme lovers and sharers can’t wait to start exploring and collecting their favorite memes that will be this time unique and tradeable, unlike a random screenshot on a phone or computer that has no actual value. What an amazing concept! 

Source: https://www.asiacryptotoday.com/meme-com/

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Commodity strategist predicts Bitcoin ETF could get the nod in US next month

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Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the United States will not want to miss out for much longer.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags

The SEC is currently yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.


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Source: https://cointelegraph.com/news/commodity-strategist-predicts-bitcoin-etf-could-get-the-nod-in-us-next-month

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TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K

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Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

  • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
  • The price is now trading below $3,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

Ethereum Price Remains At Risk

Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

More Losses in ETH?

If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still below the 50 level.

Major Support Level – $2,650

Major Resistance Level – $3,000

Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

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Evergrande crisis: Buy the dip or bail? Pundits weigh in

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As the prospect of Chinese property giant Evergrande defaulting on $305 billion worth of debt looms, pundits are weighing in on how the firm’s bankruptcy could impact the legacy and crypto markets.

Speculation as to whether the real estate investment giant will default has coincided with a downturn across the crypto and stock markets, leaving many analysts divided on whether traders should be buying the dip or looking to take profits in preparation of further bearish momentum.

At the time of writing, Bitcoin (BTC) is down by around 13% since the downturn started on Sept. 18, while the S&P 500 is down by 1.7% and the Hang Seng has dipped 2.8% within the same time frame.

Some are asserting that Evergande’s possible default could represent another Lehman Brothers moment — citing the major investment bank’s 2008 declaration of bankruptcy on $600 billion worth of debt that kicked off the Global Financial Cris.

However, speaking at the Greenwich Economic Forum on Sept. 22, Bridgewater Associates co-chairman and co-CIO Ray Dalio downplayed the significance of an Evergrande default and suggested that the debt is “manageable.”

Dalio admits that while investors will be stung, he thinks that Evergrande’s debt won’t cause structural damage, as the Chinese government may swoop in to restructure the firm and strike deals with the company. He said:

“[The] Lehman moment produced pervasive structural damage through the system that wasn’t rectified until the Treasury came across in terms of its borrowing and then the Fed came across with quantitative easing, but this is not that kind of a shake-up.”

Ming Tan, a director at the credit rating agency Standard & Poor’s (S&P) predicts the Chinese state will intervene to restructure Evergrande.

Speaking to Financial Times on Sept. 20, Tan speculated that said restructuring is likely to see the “profitable parts of [Evergrande’s] business bought up by rivals,” with its debt obligations likely to be underwritten by either a consortium of commercial Chinese banks or the local central bank directly.

Influencer Lark Davis also isn’t too concerned:

Not everyone is so optimistic. The host of CNBC’s Mad Money show, Jim Cramer asserted Evergrande’s debt issues will likely impact the crypto market because nearly half of the reserves backing the leading stablecoin Tether (USDT) are held in commercial paper

Cramer urged for investor caution while Evergrande awaits a verdict on a potential government bailout, stating:

“I know the crypto-lovers never want to hear me say sell, but if you’ve got a big gain as I did, well, I’m begging you: Don’t let it become a loss. Sell some, stay long the rest, then let’s wait and see if China changes its attitude toward an Evergrande bailout.”

While Tether has denied holding any commercial paper issued by Evergrande, analysts have warned that the fallout from an Evergrande restructuring could have significant impacts on the broader commercial paper markets.

“Tons of Chinese businesses stand to get crushed by this fiasco, and they have Evergrande exposure, and that could spell real trouble,” said Cramer.

Marty Bent, a podcaster and the co-founder of Great American Mining, also sounded alarm bells in his Sept. 20 newsletter.

Bent suggested that an Evergrande default will unveil how “exposed the Western world is to China’s economy” via investments in the large real estate players, their debt instruments, and the debt issued by the Chinese Community Party (CCP).

“Evergrande is going under and it is dragging other large real estate developers in China down with it. The world is witnessing another Lehman moment,” he said.

Bent questioned the assertion that Evergrande is likely to be bailed out by the government, noting the party’s recent push to rein in Chinese capitalism and tighten regulations on the real estate market.

“The CCP has come out and stated that they do not plan on backstopping the real estate developers who are currently plummeting toward bankruptcy. It will be interesting to see if they keep this posturing as things get worse,” he said.

The podcaster also noted that while he unsure how the fallout from Evergrande will impact Bitcoin in the short to medium term, he is “thankful” he can hold Bitcoin as a hedge against the fiat-backed global financial system.

Related: ‘Extreme fear’ as Bitcoin falls below $40K … and then bounces

The share price of Evergrande has been steadily declining during 2021 as its credit woes have mounted. After opening the year at roughly $14, the price sits now at $2.20 — a loss of more than 84%.


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Source: https://cointelegraph.com/news/evergrande-buy-the-dip-or-bail-pundits-weigh-in

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